The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Letter to the editor


As someone who always reads Euromoney with great interest, I was pleased to see an article about privatization in Hungary in the April 2003 issue. I was however disappointed in some aspects of its content, which do not reflect the full circumstances around recent privatization tenders in Hungary.

To be complete, I feel that the article should have mentioned two facts.

First, only two consortia put in bids for the FHB tender but one of them was later disqualified. We would like the international media to be aware that the APVrt [the privatization agency] considered this to be a very difficult situation, knowing that Concorde would then be represented in the selected consortia for both the Postabank and FHB transactions. We could indeed have cancelled the FHB tender and seriously considered doing so, but the priority for the board of directors of APVrt was rightly to move ahead with privatization without delay.

Second, there appears to be an implication that the tender audit conducted by the state audit office was ordered by the finance minister, my immediate superior, because of his doubts about the procedure. I can assure you on his behalf that this was not the case and that he ordered the audit precisely because he was fully confident in the conduct of the tender and wished to demonstrate with full transparency to some elements of the media.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree